Beginning in 2026, under Senate Bill 852 (S.B. 852), which Governor Newsom signed into law on October 3, 2025, the Form 700 filing location for certain individuals will change. As relevant to public pension funds, all retirement board trustees, chief investment officers (CIOs), certain investment staff, and consultants who work for the retirement fund and have discretionary authority to invest public funds must now file their Form 700s with the Fair Political Practices Commission (FPPC) using the FPPC’s electronic filing system, rather than with the retirement fund’s local agency.
S.B. 852’s changes to the Political Reform Act
S.B. 852 amends Section 87500 of the Political Reform Act (the Act) (Cal. Gov’t Code §§ 81000 et seq.). The Act created the FPPC and established California’s campaign finance and disclosure laws for state and local campaigns, candidates, officeholders, and ballot measures. To prevent conflicts of interest by public officials, the Act requires certain state and local officials to file Statements of Economic Interests (i.e., Form 700s). Cal. Gov’t Code §§ 87200-87203. Last year, an amendment to the Act added statutory provisions to specify which public officials must directly file their Form 700s electronically with the FPPC. Id. § 87500(a); 2024 Cal. Stats. ch. 211 (A.B. 1170). For all other public officials not specified in the statute (i.e., in Section 87500(a)), the Act had previously instructed them to file their Form 700s with their local agency. Id. § 87500(c).
The legislative history behind S.B. 852 indicates that one group of public officials were inadvertently excluded from the statutory list of those required to file their Form 700s electronically with the FPPC—public officials who manage public investments. Assemb. Floor Analysis, 3d Reading of S.B. 852, 2025–2026 Reg. Sess. (Cal. Aug. 27, 2025).
By adding subdivision (O) to Section 87500 of the Act, S.B. 852 amends the statute to fix this inadvertent exclusion and add public officials who manage public investments to the FPPC’s electronic filing requirement.
Who qualifies as a “public official who manages public investments”?
Public official: Under the Act, the definition of “public official” is not limited to those who hold public office. Rather, a “public official” is defined as “every member, officer, employee, or consultant of a state or local government agency.” Cal. Gov’t Code § 82048(a)(1). And a “local government agency” is defined as “a county, city or district of any kind including school district, or any other local or regional political subdivision, or any department, division, bureau, office, board, commission or other agency of the foregoing.” Id. § 82041. Therefore, the definition of public officials extends to consultants working for the public retirement fund.
Managing public funds: Notably, the Act itself does not define what it means to “manage” “public investments.” Nor does S.B. 852 provide the definition. However, the FPPC’s implementing regulations related to the Act do provide guidance. 2 C.C.R. § 18700.3 defines who qualifies as an individual who manages public investments for the purposes of conflicts-of-interest disclosure under Section 87200 (a different provision of the Act).
For the purposes of Section 87200 (conflict-of-interest disclosures), the following definitions apply:
2 C.C.R. § 18700.3(b)(1): “Other public officials who manage public investments” means:
(a) Members of boards and commissions, including pension and retirement boards or commissions, or of committees thereof, who exercise responsibility for the management of public investments;
(b) High-level officers and employees of public agencies who exercise primary responsibility for the management of public investments, such as chief or principal investment officers or chief financial managers. This category shall not include officers and employees who work under the supervision of the chief or principal investment officers or the chief financial managers[.] (emphasis added)
2 C.C.R. § 18700.3(e): “Management of public investments” means the following non-ministerial functions: directing the investment of public moneys; formulating or approving investment policies; approving or establishing guidelines for asset allocations; or approving investment transactions.
Although this regulation applies to the conflict-of-interest disclosures statute specifically (i.e., Section 87200), and not the Form 700 e-filing statute (i.e., Section 87500), it is instructive. Statutory construction instructs that “[a] statute should be construed with reference to the whole system of law it is enacted to govern and the scheme should be interpreted so that sections are harmonized with one another.” In re Connie M. (1986) 176 Cal.App.3d 1225, 1240. Moreover, Section 87500 was intended to cover all 87200 filers. Assemb. Comm. On Elections & Constitutional Amends., Analysis of S.B. 852, as amended June 17, 2025, 2025–2026 Reg. Sess. (Cal. June 30, 2025).
Based on the foregoing, all retirement board trustees, CIOs, principal investment officers, and consultants who perform non-ministerial functions in directing the investment of public moneys; formulating or approving investment policies; approving or establishing guidelines for asset allocations; or approving investment transactions, must file a Form 700 electronically using the FPPC’s electronic filing system in 2026. However, officers and employees who work under the supervision of the chief or principal investment officers or the chief financial managers do not file their Form 700s with the FPPC, and will continue to file with their local agency.
How to file a Form 700 electronically with the FPPC
If you are required to file your Form 700 with the FPPC under the Political Reform Act, you must first receive electronic login information from the FPPC to e-file. Once the FPPC has granted you access to e-file your Form 700, you will automatically receive a login ID and password via email. Once logged in, your “Current Filings” page will provide a list of all positions that require you to file a Form 700. Check the box next to the position you want to file, then click the “Start Filing Now” button to continue. You will then be able to review your filing details, indicate whether you have reportable interests for each disclosure category, fill out your schedule(s), accept a filing verification, and submit electronically. For further instructions on e-filing with the FPPC, please visit the FPPC’s Electronic Filing website and click on the “Filer Video Tutorial” button at the bottom of the web page.
Client Alert 2025-270
